USDA Loans


The US Department of Agriculture (USDA) offers a Rural Development loan that is similar to an FHA loan. The loan is guaranteed by USDA, so the lenders can offer more favorable terms. USDA loans do not have a down payment requirement, and will loan up to 102% of the home’s value. USDA’s Rural Development’s mission is to improve the quality of life in rural communities by providing loans for housing and community facilities. As such, to qualify for a USDA loan the home must be located within the boundary area of a rural community as defined by USDA.
 
To find out if your property is located within a rural community boundary area, go to: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11.
 
The two main attractions to the USDA Rural Development loan are the fact that it is a zero down payment loan, and the mortgage insurance requirements are lower than the FHA loan. USDA does have limitations on the amount of household income you can have.
 
If you would like more information on USDA Rural Development loans, please contact us.
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